This article from NYTimes.com has been sent to you by psa188@juno.com. Delta Has Fourth-Quarter Loss January 17, 2003 By THE ASSOCIATED PRESS ATLANTA, Jan. 16 (AP) - Delta Air Lines reported here today that it had lost $363 million in the fourth quarter, attributing this to lingering effects of the terrorist attacks in 2001 and the lagging economy. The loss was equivalent to $2.98 a share, compared with a fourth-quarter loss of $734 million, or $5.98 a share, in 2001. Excluding special items, Delta said it lost $230 million, or $1.90 a share. On that basis, analysts surveyed by Thomson First Call had predicted a loss of $2.27 a share. Revenue increased to $3.31 billion from $2.86 billion a year earlier. Special charges included $1.6 billion related to changes in the pension plans and $80 million for severance and related costs associated with job reduction. For the year, Delta, the nation's third-largest airline, had a net loss of $1.27 billion; in 2001, it lost $1.22 billion. Revenue for the year was $13.3 billion, down from $13.9 billion in 2001. Delta said it ended the fourth quarter with $2.6 billion on hand, and expected to be able to meet its debt obligations. The chief financial officer, M. Michele Burns, said the company's turnaround plan included cutting costs by 15 percent over the next three years. Delta has eliminated 16,000 jobs since September 2001. For now, more job cuts are not planned, Ms. Burns said, adding, "At this point, we have right-sized our work force." The outlook for 2003 is not much better. As a result of a 50 percent increase in fuel costs, Ms. Burns said the company expected a loss this quarter similar to the first quarter of 2002, when it lost $2.90 a share. http://www.nytimes.com/2003/01/17/business/17DELT.html?ex=1043812086&ei=1&en=33788e4810f18f7e HOW TO ADVERTISE --------------------------------- For information on advertising in e-mail newsletters or other creative advertising opportunities with The New York Times on the Web, please contact onlinesales@nytimes.com or visit our online media kit at http://www.nytimes.com/adinfo For general information about NYTimes.com, write to help@nytimes.com. Copyright 2002 The New York Times Company